Amer Sports Corporation Interim Report January-June 2010
(Thomson Reuters ONE) -
Amer Sports Corporation
INTERIM REPORT
August 5, 2010 at 1:00 pm
APRIL-JUNE, 2010
* Amer Sports net sales increased by 12% to EUR 317.5 million (284.7). In
local currencies, net sales increased by 5%.
* EBIT was EUR -16.9 million (-29.4). Earnings per share totaled EUR -0.15
(-0.26).
* Net cash flow from operating activities after interest and taxes totaled
EUR -4.5 million
(-5.4).
* Next season pre-orders in Winter Sports Equipment are up by
approximately 15% compared to last year. In Apparel and Footwear,
fall/winter pre-orders are indicating a faster sales growth in the second
half of the year compared to the first half.
* Outlook for 2010: Amer Sports expects its 2010 net sales to be
approximately EUR 1.7 billion (2009: 1.5) and EBIT margin to improve to the
mid-single-digit level.
JANUARY-JUNE, 2010
* Net sales totaled EUR 690.1 million (640.0), an increase of 8%. In local
currencies, net sales increased by 5%.
* EBIT was EUR -7.4 million (-36.3), an improvement of EUR 28.9 million.
Earnings per share totaled EUR -0.16 (-0.38).
* Net cash flow from operating activities after interest and taxes totaled
EUR 94.2 million (58.7) and further strengthened the balance sheet.
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
| | 4-6/| 4-6/|Ch,|Ch,| 1-6/| 1-6/|Ch,|Ch,| |
| | | | | | | | | | |
|EUR million | 2010| 2009| %|%*)| 2010| 2009| %|%*)| 2009|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Net sales |317.5|284.7| 12| 5|690.1|640.0| 8| 5|1,533.4|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Gross profit |135.7|108.4| 25| 18|294.9|252.2| 17| 14| 620.0|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|EBIT |-16.9|-29.4| | | -7.4|-36.3| | | 43.8|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Financing income and | | | | | | | | | |
| | | | | | | | | | |
|expenses | -4.3| -1.5| | |-13.4| -9.0| | | -18.4|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Earnings before taxes |-21.2|-30.9| | |-20.8|-45.3| | | 25.4|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Net result |-16.9|-23.2| | |-16.6|-34.0| | | 31.4|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Earnings per share, EUR|-0.15|-0.26| | |-0.16|-0.38| | | 0.28|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Equity per share, EUR | | | | | 6.14| 5.54| | | 6.05|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Equity ratio, % | | | | | 46.2| 37.3| | | 48.2|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Gearing, % | | | | | 34| 103| | | 38|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
|Personnel, period end | | | | |6,448|6,387| 1| | 6,331|
+-----------------------+-----+-----+---+---+-----+-----+---+---+-------+
*) Change in local currency terms
Share-based key indicators have been adjusted for the impact of the share issue
in 2009.
HEIKKI TAKALA, PRESIDENT AND CEO:
"In the second quarter, we continued to execute successfully our key programs to
increase growth and profitability to target levels. Gross profit percentage was
up by five points and EBIT margins improved in all our business segments except
in Fitness, where particularly the US market remained sluggish. Due to normal
seasonality, second quarter EBIT was negative, however, we improved EBIT by EUR
13 million versus previous year. Operating expenses were kept under tight
control whilst negatively impacted by the currency exchange rates. We also made
further improvements in working capital in a period when inventory build for the
fall/winter season is at its highest. Sales increased particularly in Apparel
and Footwear, Team Sports and Golf.
An additional positive achievement is the amount of pre-orders received. After a
good 2009/10 winter season, pre-orders in Winter Sports Equipment for the next
season are up by approximately 15%. In Apparel and Footwear, the order book for
the fall/winter season also indicates faster sales growth than in the first half
of this year.
Despite the positive developments, we still have a way to go to reach our target
performance levels. Encouragingly, we are off to a good and improving track, and
the second quarter results and pre-order levels give us increasing confidence as
we continue to define and accelerate our growth and profitability improvement
programs."
For further information, please contact:
Heikki Takala, President and CEO, tel. +358 9 7257 8210
Päivi Antola, Director, IR and Financial Communications, tel. +358 9 7257 8233
Pekka Paalanne, Executive Vice President, CFO, tel. +358 9 7257 8212
TELEPHONE CONFERENCE
An English-language telephone conference call for investors and analysts will be
held the same day at 3:00 pm Finnish time. To participate in the conference
call, please call +44 (0)20 7138 0826 (UK/international dial-in number). The
conference can also be followed from a direct transmission on the internet, at
www.amersports.com. A recorded version will later be available at the same
address: replay number +44 (0)20 7111 1244, and access code 5444186#.
Amer Sports Corporation will publish its January-September interim report on
Thursday, October 28, 2010.
INTERIM REPORT
NET SALES AND EBIT IN APRIL-JUNE, 2010
Amer Sports net sales totaled EUR 317.5 million (284.7), an increase of 12%
compared to April-June, 2009. Net sales increased by 5% in local currency terms.
Net sales by business segment
+------------------+-----+-----+------+------+----------+----------+
| | 4-6/| 4-6/|Change|Change|% of sales|% of sales|
| | | | | | | |
|EUR million | 2010| 2009| %| %*)| 4-6/2010| 4-6/2009|
+------------------+-----+-----+------+------+----------+----------+
|Winter and Outdoor|116.5|106.6| 9| 4| 37| 37|
+------------------+-----+-----+------+------+----------+----------+
|Ball Sports |153.9|135.7| 13| 6| 48| 48|
+------------------+-----+-----+------+------+----------+----------+
|Fitness | 47.1| 42.4| 11| 5| 15| 15|
+------------------+-----+-----+------+------+----------+----------+
|Total |317.5|284.7| 12| 5| 100| 100|
+------------------+-----+-----+------+------+----------+----------+
*) In local currency terms
Geographic breakdown of net sales
+------------+-----+-----+------+------+----------+----------+
| | 4-6/| 4-6/|Change|Change|% of sales|% of sales|
| | | | | | | |
|EUR million | 2010| 2009| %| %*)| 4-6/2010| 4-6/2009|
+------------+-----+-----+------+------+----------+----------+
|Americas |153.2|138.5| 11| 2| 48| 49|
+------------+-----+-----+------+------+----------+----------+
|EMEA |120.8|108.4| 11| 9| 38| 38|
+------------+-----+-----+------+------+----------+----------+
|Asia Pacific| 43.5| 37.8| 15| 3| 14| 13|
+------------+-----+-----+------+------+----------+----------+
|Total |317.5|284.7| 12| 5| 100| 100|
+------------+-----+-----+------+------+----------+----------+
*) In local currency terms
Group EBIT of EUR -16.9 million improved by EUR 12.5 million. Higher gross
margins contributed EUR 15 million to EBIT growth and increased sales volumes
contributed EUR 6 million: operating expenses increased by EUR 7 million mainly
driven by increased sales and distribution costs (all in local currencies).
EBIT by business segment
+------------------+-----+-----+----------+----------+
| | 4-6/| 4-6/|% of sales|% of sales|
| | | | | |
|EUR million | 2010| 2009| 4-6/2010| 4-6/2009|
+------------------+-----+-----+----------+----------+
|Winter and Outdoor|-24.2|-29.2| | |
+------------------+-----+-----+----------+----------+
|Ball Sports | 17.0| 7.4| 11.0| 5.5|
+------------------+-----+-----+----------+----------+
|Fitness | -3.7| -2.2| | |
+------------------+-----+-----+----------+----------+
|Headquarters | -6.0| -5.4| | |
+------------------+-----+-----+----------+----------+
|Total |-16.9|-29.4| | |
+------------------+-----+-----+----------+----------+
*) In local currency terms
Net financial expenses totaled EUR 4.3 million (1.5) and include net interest
expenses of EUR 3.9 million (5.4) and unrealized net foreign exchange losses
totaling EUR 0.4 million (gains of EUR 3.9 million). Earnings before taxes
totaled EUR -21.2 million (-30.9), and earnings per share totaled EUR -0.15
(-0.26).
NET SALES AND EBIT IN JANUARY-JUNE, 2010
Amer Sports net sales in January-June totaled EUR 690.1 million (640.0), an
increase of 8% compared to January-June, 2009. Net sales increased by 5% in
local currency terms.
Net sales by business segment
+------------------+-----+-----+------+------+----------+----------+
| | 1-6/| 1-6/|Change|Change|% of sales|% of sales|
| | | | | | | |
|EUR million | 2010| 2009| %| %*)| 1-6/2010| 1-6/2009|
+------------------+-----+-----+------+------+----------+----------+
|Winter and Outdoor|298.2|271.0| 10| 7| 43| 42|
+------------------+-----+-----+------+------+----------+----------+
|Ball Sports |299.3|278.6| 7| 5| 43| 44|
+------------------+-----+-----+------+------+----------+----------+
|Fitness | 92.6| 90.4| 2| 2| 14| 14|
+------------------+-----+-----+------+------+----------+----------+
|Total |690.1|640.0| 8| 5| 100| 100|
+------------------+-----+-----+------+------+----------+----------+
*) In local currency terms
Geographic breakdown of net sales
+------------+------+----+------+------+----------+----------+
| | 1-6/|1-6/|Change|Change|% of sales|% of sales|
| | | | | | | |
|EUR million | 2010|2009| %| %*)| 1-6/2010| 1-6/2009|
+------------+-----++----+------+------+----------+----------+
|Americas |311.5|302.3| 3| 1| 45| 47|
+------------+-----+-----+------+------+----------+----------+
|EMEA |293.0|264.9| 11| 9| 43| 42|
+------------+-----+-----+------+------+----------+----------+
|Asia Pacific| 85.6| 72.8| 18| 9| 12| 11|
+------------+-----+-----+------+------+----------+----------+
|Total |690.1|640.0| 8| 5| 100| 100|
+------------+-----+-----+------+------+----------+----------+
*) In local currency terms
Group EBIT of EUR -7.4 million (-36.3) improved by EUR 28.9 million with the
main contributions coming from improved gross margins of EUR 23 million and
sales growth of EUR 13 million. Operating expenses increased EUR 6 million
driven by increased sales and distribution costs (all in local currencies).
EBIT by business segment
+------------------+-----+-----+----------+----------+
| | 1-6/| 1-6/|% of sales|% of sales|
| | | | | |
|EUR million | 2010| 2009| 1-6/2010| 1-6/2009|
+------------------+-----+-----+----------+----------+
|Winter and Outdoor|-22.5|-40.1| | |
+------------------+-----+-----+----------+----------+
|Ball Sports | 31.4| 18.9| 10.5| 6.8|
+------------------+-----+-----+----------+----------+
|Fitness | -4.4| -5.6| | |
+------------------+-----+-----+----------+----------+
|Headquarters |-11.9| -9.5| | |
+------------------+-----+-----+----------+----------+
|Total | -7.4|-36.3| | |
+------------------+-----+-----+----------+----------+
*) In local currency terms
Net financial expenses totaled EUR 13.4 million (9.0). Net financial expenses
included net interest expenses of EUR 7.1 million (13.6) and unrealized net
foreign exchange losses totaling EUR 6.3 million (gains of EUR 4.6 million).
Earnings before taxes totaled EUR -20.8 million
(-45.3), and earnings per share were EUR -0.16 (-0.38).
CAPITAL EXPENDITURE
Group capital expenditure on fixed assets totaled EUR 11.5 million (15.1) in
January-June. Depreciation was EUR 18.2 million (16.8).
CASH FLOW AND FINANCIAL POSITION
In the January-June period, net cash flow from operating activities after
interest and taxes was EUR 94.2 million (58.7). The improvement in cash flow
reflects mainly improved profitability. Tax refunds received in the US also had
a positive effect. Compared to the end of 2009, working capital was reduced by
EUR 86.4 million. Net cash flow from investment activities totaled
EUR -10.3 million (-15.6).
In April-June, net cash flow from operating activities after interest and taxes
totaled EUR -4.5 million (-5.4).
Amer Sports had interest-bearing liabilities totaling EUR 440.1 million at the
end of June (Dec 31, 2009: EUR 404.1 million). These consisted of short-term
debt totaling EUR 122.9 million and long-term debt totaling EUR 317.2 million.
Liquid assets at the end of the second quarter totaled EUR 185.9 million (Dec
31, 2009: EUR 121.6 million), and Group net debt totaled EUR 254.2 million (Dec
31, 2009: EUR 282.5 million). The EUR 60 million hybrid bond is treated as
equity. Total unused committed credit facilities available to Amer Sports at the
end of June totaled EUR 265.0 million.
Amer Sports issued a EUR 150 million bond on June 4, 2010 targeted at domestic
and international investors. This five-year bond carries an annual fixed rate
coupon of 5.375%. Proceeds from this offering will be used for refinancing and
general corporate purposes.
Amer Sports has a EUR 325 million committed revolving credit facility which
matures on December 1, 2011 and November 30, 2012. EUR 60 million of this credit
facility has been used.
Short-term financing is primarily raised via a EUR 500 million domestic
commercial paper program, of which EUR 42.8 million had been used at the end of
June 2010 (Dec 31, 2009: EUR 112.3 million).
The equity ratio at the end of June was 46.2% (Dec, 31, 2009: 48.2%) and gearing
was 34% (Dec 31, 2009: 38%).
BUSINESS SEGMENT REVIEWS
WINTER AND OUTDOOR
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
| | 4-6/| 4-6/| | | 1-6/| 1-6/| | | |
|EUR million | | |Ch %|Ch %*)| | |Ch %|Ch %*)| 2009|
| | 2010| 2009| | | 2010| 2009| | | |
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Net sales | | | | | | | | | |
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Winter Sports | | | | | | | | | |
| | | | | | | | | | |
|Equipment | 10.2| 11.4| -11| -18| 52.5| 48.4| 8| 5|371.7|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Apparel and | | | | | | | | | |
| | | | | | | | | | |
|Footwear | 57.6| 49.2| 17| 10|148.6|131.6| 13| 8|304.7|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Cycling | 25.1| 24.6| 2| 1| 54.4| 51.8| 5| 5|100.4|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Sports Instruments | 23.6| 21.4| 10| 4| 42.7| 39.2| 9| 5| 85.8|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Net sales, total |116.5|106.6| 9| 4|298.2|271.0| 10| 7|862.6|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|EBIT |-24.2|-29.2| | |-22.5|-40.1| | | 46.5|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Personnel, period end| | | | |4,125|3,917| 5| |3,940|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
*) Change in local currency terms
In April-June, Winter and Outdoor net sales totaled EUR 116.5 million (106.6),
an increase of 4% up in local currencies. The breakdown of net sales by business
area was as follows: Winter Sports Equipment 9%, Apparel and Footwear 49%,
Cycling 22%, and Sports Instruments 20%. EMEA accounted for 64% of net sales,
the Americas for 21%, and Asia Pacific for 15%.
+---------------+-----+-----+----+------+-----+-----+----+------+-----+
| | 4-6/| 4-6/| | | 1-6/| 1-6/| | | |
| | | | | | | | | | |
|EUR million | 2010| 2009|Ch %|Ch %*)| 2010| 2009|Ch %|Ch %*)| 2009|
+---------------+-----+-----+----+------+-----+-----+----+------+-----+
|Americas | 25.0| 24.7| 1| -8| 56.4| 60.2| -6| -11|181.1|
+---------------+-----+-----+----+------+-----+-----+----+------+-----+
|EMEA | 74.1| 66.3| 12| 9|203.0|180.6| 12| 10|585.4|
+---------------+-----+-----+----+------+-----+-----+----+------+-----+
|Asia Pacific | 17.4| 15.6| 12| 0| 38.8| 30.2| 28| 20| 96.1|
+---------------+-----+-----+----+------+-----+-----+----+------+-----+
|Total net sales|116.5|106.6| 9| 4|298.2|271.0| 10| 7|862.6|
+---------------+-----+-----+----+------+-----+-----+----+------+-----+
*) Change in local currency terms
In April-June, the EBIT improvement of EUR 5.0 million resulted from improved
gross margins of EUR 9 million and sales growth of EUR 2 million, but was partly
offset by a EUR 6 million increase in operating expenses (all in local
currencies).
Winter Sports Equipment
In April-June, Winter Sports Equipment net sales were EUR 10.2 million (11.4).
Second quarter is seasonally low in Winter Sports Equipment as all focus is on
order intake. Compared to last year, pre-orders for next season are up
approximately by 15%. The strongest growth, an increase of approximately 32%,
was recorded in cross country skiing while alpine skiing increased by about 13%
(all in local currencies).
Apparel and Footwear
In April-June, Apparel and Footwear net sales totaled EUR 57.6 million (49.2)
and were 10% up in local currencies, showing dynamic spring in-season orders.
Growth was particularly evident in footwear. Fall/winter pre-orders are
indicating a faster sales growth in the second half of the year compared to the
first half. Production capacities have been upgraded to support on-time
deliveries.
Cycling
In April-June, Cycling net sales totaled EUR 25.1 million (24.6). Sales growth
was partly offset by poor spring weather conditions in Europe. Gross margins
improved as a result of better production capacity utilization.
Sports Instruments
In April-June, Sports Instruments net sales totaled EUR 23.6 million (21.4) and
were 4% up in local currencies. The main contribution came from Outdoor product
categories. Shipping of the new M-series heart rate monitors began in June.
BALL SPORTS
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
| | 4-6/| 4-6/| | | 1-6/| 1-6/| | | |
|EUR million | | |Ch %|Ch %*)| | |Ch %|Ch %*)| 2009|
| | 2010| 2009| | | 2010| 2009| | | |
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Net sales | | | | | | | | | |
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Racquet Sports | 70.9| 65.1| 9| 2|135.2|129.0| 5| 2|222.7|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Team Sports | 55.7| 48.6| 15| 7|116.5|107.9| 8| 7|187.3|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Golf | 27.3| 22.0| 24| 16| 47.6| 41.7| 14| 9| 66.7|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Net sales, total |153.9|135.7| 13| 6|299.3|278.6| 7| 5|476.7|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|EBIT | 17.0| 7.4| | | 31.4| 18.9| 66| 67| 23.5|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
|Personnel, period end| | | | |1,581|1,674| -6| |1,586|
+---------------------+-----+-----+----+------+-----+-----+----+------+-----+
*) Change in local currency terms
In April-June, Ball Sports net sales totaled EUR 153.9 million (135.7), an
increase of 6% in local currencies. Growth came particularly from Team Sports
and Golf. The breakdown of net sales by business area was as follows: Racquet
Sports 46%, Team Sports 36% and Golf 18%. The Americas accounted for 63% of net
sales, EMEA for 23%, and Asia Pacific for 14%.
+------------+-----+-----+----+------+-----+-----+----+------+-----+
| | 4-6/| 4-6/| | | 1-6/| 1-6/| | | |
| | | | | | | | | | |
|EUR million | 2010| 2009|Ch %|Ch %*)| 2010| 2009|Ch %|Ch %*)| 2009|
+------------+-----+-----+----+------+-----+-----+----+------+-----+
|Americas | 96.9| 83.8| 16| 7|189.8|175.0| 8| 7|298.7|
+------------+-----+-----+----+------+-----+-----+----+------+-----+
|EMEA | 36.1| 33.5| 8| 6| 71.1| 67.8| 5| 3|111.5|
+------------+-----+-----+----+------+-----+-----+----+------+-----+
|Asia Pacific| 20.9| 18.4| 14| 2| 38.4| 35.8| 7| -1| 66.5|
+------------+-----+-----+----+------+-----+-----+----+------+-----+
|Total |153.9|135.7| 13| 6|299.3|278.6| 7| 5|476.7|
+------------+-----+-----+----+------+-----+-----+----+------+-----+
*) Change in local currency terms
In April-June, the EBIT improvement of EUR 9.6 million was primarily result from
improved gross margins of EUR 7 million and sales growth of EUR 3 million. The
margin improvement is the outcome of cost reductions and significantly less
price discounting due to lower inventory levels and better market conditions in
North America.
Racquet Sports
In April-June, Racquet Sports net sales totaled EUR 70.9 million (65.1) and were
2% up in local currencies. Sales in the Americas and EMEA rose by 3% and 6%,
respectively. Sales in Asia Pacific were down by 4%, mainly as a result of poor
conditions in the tennis market in Japan. The performance tennis racket category
continued to perform well due to the new BLX product line. Capacity constrains
affecting production of this line continued during the second quarter but have
now been fixed.
Team Sports
In April-June, Team Sports net sales totaled EUR 55.7 million (48.6) and were
7% up in local currencies. Team Sports achieved solid growth in all regions with
growth in the Americas of 6%, EMEA 8% and Asia Pacific 33%. The breakdown of
Team Sports sales by region is as follows: Americas 92%, EMEA 2% and Asia
Pacific 6%. Key product categories driving growth were gloves and DeMarini
baseball bats with sales growth coming mainly from the US and Korea.
Golf
In April-June, Golf net sales totaled EUR 27.3 million (22.0) and were 16% up in
local currencies. Overall growth was driven by the US where sales increased by
28% in the second quarter. Revenue growth in the US was driven by trade
distribution gains in golf balls and growth in sales of premium irons.
FITNESS
+---------------------+----+----+----+------+----+----+----+------+-----+
| |4-6/|4-6/| | |1-6/|1-6/| | | |
|EUR million | | |Ch %|Ch %*)| | |Ch %|Ch %*)| 2009|
| |2010|2009| | |2010|2009| | | |
+---------------------+----+----+----+------+----+----+----+------+-----+
|Net sales |47.1|42.4| 11| 5|92.6|90.4| 2| 2|194.1|
+---------------------+----+----+----+------+----+----+----+------+-----+
|EBIT |-3.7|-2.2| | |-4.4|-5.6| | | -7.5|
+---------------------+----+----+----+------+----+----+----+------+-----+
|Personnel, period end| | | | | 667| 721| -7| | 737|
+---------------------+----+----+----+------+----+----+----+------+-----+
*) Change in local currency terms
In April-June, Fitness net sales totaled EUR 47.1 million (42.4) and were 5% up
in local currencies. The decline in sales in the Americas was more than offset
by growth in EMEA and Asia Pacific. The Americas accounted for 66% of net sales,
EMEA for 23%, and Asia Pacific for 11%.
+------------+----+----+----+------+----+----+----+------+-----+
| |4-6/|4-6/| | |1-6/|1-6/| | | |
| | | | | | | | | | |
|EUR million |2010|2009|Ch %|Ch %*)|2010|2009|Ch %|Ch %*)| 2009|
+------------+----+----+----+------+----+----+----+------+-----+
|Americas |31.3|30.0| 4| -3|65.3|67.1| -3| -3|140.7|
+------------+----+----+----+------+----+----+----+------+-----+
|EMEA |10.6| 8.6| 23| 21|18.9|16.5| 15| 13| 38.1|
+------------+----+----+----+------+----+----+----+------+-----+
|Asia Pacific| 5.2| 3.8| 37| 28| 8.4| 6.8| 24| 19| 15.3|
+------------+----+----+----+------+----+----+----+------+-----+
|Total |47.1|42.4| 11| 5|92.6|90.4| 2| 2|194.1|
+------------+----+----+----+------+----+----+----+------+-----+
*) Change in local currency terms
In April-June, EBIT was EUR -3.7 million (-2.2). EBIT declined mainly due to
increased warranty costs totaling some EUR 2 million. This was partly offset by
sales growth.
With credit markets continuing to be tight and consumer spending uncertain, most
clubs and institutions continued to postpone their expansion plans. Many have
chosen to reduce costs by extending the service life of their existing
equipment. Ancillary revenues earned by clubs providing services for their
members continued to increase through the second quarter.
Sales of premium consumer equipment continued to suffer from the broader trend
of reduced discretionary spending. Financial weakness among specialty fitness
dealers, the primary distribution channel for premium home equipment, magnified
market challenges.
PERSONNEL
At the end of June 2010, the Group employed 6,448 people (6,387). The group
employed an average of 6,406 people (6,300) during the first half of the
financial year.
+------------------+------------+------------+--------+
| |June 30,2010|June 30,2009|Change %|
+------------------+------------+------------+--------+
|Winter and Outdoor| 4,125| 3,917| 5|
+------------------+------------+------------+--------+
|Ball Sports | 1,581| 1,674| -6|
+------------------+------------+------------+--------+
|Fitness | 667| 721| -7|
+------------------+------------+------------+--------+
|Headquarters | 75| 75| 0|
+------------------+------------+------------+--------+
|Total | 6,448| 6,387| 1|
+------------------+------------+------------+--------+
+------------+------------+------------+--------+
| |June 30,2010|June 30,2009|Change %|
+------------+------------+------------+--------+
|EMEA | 3,783| 3,593| 5|
+------------+------------+------------+--------+
|Americas | 2,157| 2,241| -4|
+------------+------------+------------+--------+
|Asia Pacific| 508| 553| -8|
+------------+------------+------------+--------+
|Total | 6,448| 6,387| 1|
+------------+------------+------------+--------+
CHANGES IN MANAGEMENT
Mr. Heikki Takala was appointed as the President and CEO of Amer Sports with
effect from April 1, 2010.
SHARES AND SHAREHOLDERS
The company's paid-up share capital recorded in the Trade Register as of June
30, 2010 was EUR 292,182,204. On June 30, 2010, the company had a market
capitalization of EUR 940.3 million (574.4), excluding its own shares of
339.588.
A total of 34,688 shares granted as share-based incentives were returned to the
Amer Sports International Oy in January-June in accordance with the terms of the
incentive plan as employment ended. In addition, as part of his remuneration,
the Amer Sports International Oy transferred 30,000 shares to Heikki Takala,
Amer Sports' President and CEO.
The Annual General Meeting on March 10, 2010 authorized the Board of Directors
to decide on the repurchase of a maximum of 7,000,000 of the company's own
shares. The repurchase authorization is valid 18 months from the decision of the
Annual General Meeting.
The Board of Directors was also authorized to decide on issuing new shares
and/or conveying the company's own shares held by the company as follows: the
Board of Directors is entitled to decide on issuing a maximum of 7,000,000 new
shares or on conveying a maximum of 7,000,000 of the company's own shares held
by the company. The Board of Directors decides on all the conditions of the
issuance of shares. The issuance of shares may be carried out in deviation from
the shareholders' pre-emptive rights (directed issue). The authorization
includes the possibility to issue own shares to the company for free. The
authorization to issue shares and to convey the company's own shares is valid
until two (2) years from the date of the decision of the Annual General Meeting
and it does not revoke the share issue authorization given by the Annual General
Meeting on March 5, 2009.
The Annual General Meeting on March 5, 2009 authorized the Board of Directors to
decide on issuing new shares on the following terms and conditions: new shares
may be issued and the company's own shares held by the Company may be conveyed
against payment to the company's shareholders in proportion to their current
shareholdings in the company. The Board of Directors is entitled to decide on
issuing a maximum of 7,000,000 new shares. The subscription price of the new
shares shall be recorded under the invested non-restricted equity fund. The
authorization to issue shares is valid until two (2) years from the date of the
decision of the Annual General Meeting.
To date these authorizations have not been used.
Apart from the above, the Board of Directors has no current authorization to
issue shares, convertible bonds or warrant programs.
Trading in shares
During the review period January-June, a total of 26.8 million (19.5) Amer
Sports shares with a value totaling EUR 217.4 million (119.5) were traded on the
NASDAQ OMX Helsinki exchange. Share turnover was 22.11% (26.8) (expressed as a
proportion of the average number of shares excluding own shares).
At the close of the review period, the last trade in Amer Sports Corporation
shares took place at a price of EUR 7.76. The high on the NASDAQ OMX Helsinki
exchange for the review period was EUR 9.10 and the low was EUR 6.82. The
average share price during the review period was EUR 8.11.
At the end of June, Amer Sports had 13,421 registered shareholders (12,239).
Outside Finland, ownership and nominee registrations represented 50.1% (45.6%)
of the company's shares. Amer Sports held 339.588 of its own shares, all of them
owned by Amer Sports International Oy. The number of own shares corresponds to
0.3% of all Amer Sports shares.
RESOLUTIONS OF THE ANNUAL GENERAL MEETING
Documentation and press releases relating to the resolutions approved by the
Amer Sports Corporation Annual General Meeting held on March 10, 2010 are
available on the company's website at www.amersports.com/investors.
HELSINKI COURT OF APPEAL
Judgements passed on May 31, 2010 by Helsinki Court of Appeal dismiss all claims
for damages in connection with the discontinued tobacco business of Amer Sports
Corporation. The Court of Appeal also ordered the claimants to reimburse Amer
Sports Corporation for all legal costs, as claimed by the company. The Court of
Appeal did not amend the judgements passed in the matter by Helsinki District
Court in 2008, where all claims made by the claimants had also been dismissed.
The judgements passed by the Court of Appeal concerned claims for damages
brought by two private individuals in spring 2005, whereby they claimed damages
and legal costs jointly and severally from Amer Sports Corporation and its
subsidiary Amerintie 1 Oy (previously Amer-Tupakka Oy) and another tobacco
manufacturer.
Amer Sports Corporation divested the tobacco business in March 2004.
SIGNIFICANT RISKS AND UNCERTAINTIES
Amer Sports' business is balanced by its broad portfolio of sports and brands as
well as its presence in all major markets. Amer Sports Corporation's short-term
risks are particularly associated with consumer demand in North America and
Europe, subcontractors' ability to manufacture and deliver sourced products on a
timely basis and on acceptable terms, and continued successful execution of the
company's cost reduction and efficiency improvement measures.
No significant changes have occurred in Amer Sports short-term business risks
compared with the risks described in the first quarter interim report of 2010.
Further information on the company's business risks and uncertainty factors is
available at the company's web site, www.amersports.com/investors
OUTLOOK 2010
Amer Sports expects its 2010 net sales to be approximately EUR 1.7 billion
(2009: 1.5) and EBIT margin to improve to the mid-single-digit level.
The sporting goods market is expected to recover moderately, but with
significant regional and sports area specific differences. Winter sports
equipment market has recovered due to good snow conditions during previous
winter season. Amer Sports' next season pre-orders in Winter Sports Equipment
are up approximately 15% compared to last year. In Apparel and Footwear,
fall/winter pre-orders are indicating a faster sales growth in the second half
of the year compared to the first half, reflecting continuous improvement in the
product offering and commercial gains.
Amer Sports' strategy is to drive profitable growth. Amer Sports continues to
focus on improving its profitability through improved gross profit and tight
cost control. Strict control over working capital will continue.
TABLES
The notes are an integral part of the consolidated interim financial
information.
Unaudited
EUR million
CONSOLIDATED RESULTS
+----------------------------+------+------+------+------+------+------+-------+
| | 4-6/| 4-6/|Change| 1-6/| 1-6/|Change| |
| | | | | | | | 2009|
| | 2010| 2009| %| 2010| 2009| %| |
+----------------------------+------+------+------+------+------+------+-------+
|NET SALES | 317.5| 284.7| 12| 690.1| 640.0| 8|1,533.4|
+----------------------------+------+------+------+------+------+------+-------+
|Cost of goods sold |-181.8|-176.3| |-395.2|-387.8| | -913.4|
+----------------------------+------+------+------+------+------+------+-------+
|GROSS PROFIT | 135.7| 108.4| 25| 294.9| 252.2| 17| 620.0|
+----------------------------+------+------+------+------+------+------+-------+
|License income | 2.1| 2.2| | 4.4| 4.6| | 8.2|
+----------------------------+------+------+------+------+------+------+-------+
|Other operating income | 1.4| 1.3| | 2.2| 3.9| | 4.6|
+----------------------------+------+------+------+------+------+------+-------+
|R&D expenses | -14.5| -12.5| | -28.2| -26.4| | -52.0|
+----------------------------+------+------+------+------+------+------+-------+
|Selling and marketing |-104.6| -92.4| |-207.3|-197.2| | -398.6|
|expenses | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
|Administrative and other | | | | | | | |
| | -37.0| -36.4| | -73.4| -73.4| | -138.4|
|expenses | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
|EARNINGS BEFORE | | | | | | | |
| | -16.9| -29.4| | -7.4| -36.3| | 43.8|
|INTEREST AND TAXES | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
|% of net sales | | | | | | | 2.9|
+----------------------------+------+------+------+------+------+------+-------+
|Financing income and | -4.3| -1.5| | -13.4| -9.0| | -18.4|
|expenses | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
|EARNINGS BEFORE TAXES | -21.2| -30.9| | -20.8| -45.3| | 25.4|
+----------------------------+------+------+------+------+------+------+-------+
|Taxes | 4.3| 7.7| | 4.2| 11.3| | 6.0|
+----------------------------+------+------+------+------+------+------+-------+
|NET RESULT | -16.9| -23.2| | -16.6| -34.0| | 31.4|
+----------------------------+------+------+------+------+------+------+-------+
+----------------------------+------+------+------+------+------+------+-------+
|Attributable to: | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
|Equity holders of the parent| | | | | | | |
| | -16.9| -23.2| | -16.6| -34.0| | 31.3|
|company | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
|Non-controlling interests | 0.0| 0.0| | 0.0| 0.0| | 0.1|
+----------------------------+------+------+------+------+------+------+-------+
+----------------------------+------+------+------+------+------+------+-------+
|Earnings per share, EUR | -0.15| -0.26| | -0.16| -0.38| | 0.28|
+----------------------------+------+------+------+------+------+------+-------+
|Earnings per share, diluted,| -0.15| -0.26| | -0.16| -0.38| | 0.28|
|EUR | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
+----------------------------+------+------+------+------+------+------+-------+
|Adjusted average number of | | | | | | | |
| | 121.2| 93.0| | 121.2| 93.0| | 97.7|
|shares in issue less own | | | | | | | |
|shares, million | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
|Adjusted average number of | | | | | | | |
| | | | | | | | |
|shares in issue less own | 121.2| 93.0| | 121.2| 93.0| | 97.7|
|shares, | | | | | | | |
| | | | | | | | |
|diluted, million | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
+----------------------------+------+------+------+------+------+------+-------+
|Equity per share, EUR | | | | 6.14| 5.54| | 6.05|
+----------------------------+------+------+------+------+------+------+-------+
|ROCE, % *) | | | | 7.6| 4.9| | 4.3|
+----------------------------+------+------+------+------+------+------+-------+
|ROE, % | | | | -4.5| -13.2| | 5.0|
+----------------------------+------+------+------+------+------+------+-------+
|Average rates used: | | | | | | | |
| | | | | 1.33| 1.33| | 1.39|
|EUR 1.00 = USD | | | | | | | |
+----------------------------+------+------+------+------+------+------+-------+
*) 12 months' rolling average
Share-based key indicators have been adjusted for the impact of the share issue
in 2009.
STATEMENT OF COMPREHENSIVE INCOME
+----------------------------+-----+-----+-----+-----+----+
| | 4-6/| 4-6/| 1-6/| 1-6/| |
| | | | | |2009|
| | 2010| 2009| 2010| 2009| |
+----------------------------+-----+-----+-----+-----+----+
|Net result |-16.9|-23.2|-16.6|-34.0|31.4|
+----------------------------+-----+-----+-----+-----+----+
+----------------------------+-----+-----+-----+-----+----+
|Other comprehensive income | | | | | |
+----------------------------+-----+-----+-----+-----+----+
|Translation differences | 23.1| -9.1| 42.6| -0.5|-0.5|
+----------------------------+-----+-----+-----+-----+----+
|Cash flow hedges | 5.4| -5.6| 9.7| -1.6| 1.1|
+----------------------------+-----+-----+-----+-----+----+
|Income tax related to | | | | | |
| | -1.4| 1.4| -2.5| 0.4|-0.3|
|cash flow hedges | | | | | |
+----------------------------+-----+-----+-----+-----+----+
|Other comprehensive income, | | | | | |
| | 27.1|-13.3| 49.8| -1.7| 0.3|
|net of tax | | | | | |
+----------------------------+-----+-----+-----+-----+----+
|Total comprehensive income | 10.2|-36.5| 33.2|-35.7|31.7|
+----------------------------+-----+-----+-----+-----+----+
+----------------------------+-----+-----+-----+-----+----+
|Total comprehensive income | | | | | |
| | | | | | |
|attributable to: | | | | | |
+----------------------------+-----+-----+-----+-----+----+
|Equity holders of the parent| | | | | |
| | 10.2|-36.5| 33.2|-35.7|31.6|
|company | | | | | |
+----------------------------+-----+-----+-----+-----+----+
|Non-controlling interests | 0.0| 0.0| 0.0| 0.0| 0.1|
+----------------------------+-----++----++----++----+----+
+-----------------------------------+-----+-----+---------+
NET SALES BY BUSINESS SEGMENT
+------------------+-----+-----+------+-----+-----+------+-------+
| | 4-6/| 4-6/|Change| 1-6/| 1-6/|Change| |
| | | | | | | | |
| | 2010| 2009| %| 2010| 2009| %| 2009|
+------------------+-----+-----+------+-----+-----+------+-------+
|Winter and Outdoor|116.5|106.6| 9|298.2|271.0| 10| 862.6|
+------------------+-----+-----+------+-----+-----+------+-------+
|Ball Sports |153.9|135.7| 13|299.3|278.6| 7| 476.7|
+------------------+-----+-----+------+-----+-----+------+-------+
|Fitness | 47.1| 42.4| 11| 92.6| 90.4| 2| 194.1|
+------------------+-----+-----+------+-----+-----+------+-------+
|Total |317.5|284.7| 12|690.1|640.0| 8|1,533.4|
+------------------+-----+-----+------+-----+-----+------+-------+
EBIT BY BUSINESS SEGMENT
+------------------+-----+-----+------+-----+-----+------+-----+
| | 4-6/| 4-6/|Change| 1-6/| 1-6/|Change| |
| | | | | | | | |
| | 2010| 2009| %| 2010| 2009| %| 2009|
+------------------+-----+-----+------+-----+-----+------+-----+
|Winter and Outdoor|-24.2|-29.2| |-22.5|-40.1| | 46.5|
+------------------+-----+-----+------+-----+-----+------+-----+
|Ball Sports | 17.0| 7.4| | 31.4| 18.9| 66| 23.5|
+------------------+-----+-----+------+-----+-----+------+-----+
|Fitness | -3.7| -2.2| | -4.4| -5.6| | -7.5|
+------------------+-----+-----+------+-----+-----+------+-----+
|Headquarters | -6.0| -5.4| |-11.9| -9.5| |-18.7|
+------------------+-----+-----+------+-----+-----+------+-----+
|Total |-16.9|-29.4| | -7.4|-36.3| | 43.8|
+------------------+-----+-----+------+-----+-----+------+-----+
GEOGRAPHIC BREAKDOWN OF NET SALES
+------------+-----+-----+------+-----+-----+------+-------+
| | 4-6/| 4-6/|Change| 1-6/| 1-6/|Change| |
| | | | | | | | |
| | 2010| 2009| %| 2010| 2009| %| 2009|
+------------+-----+-----+------+-----+-----+------+-------+
|Americas |153.2|138.5| 11|311.5|302.3| 3| 620.5|
+------------+-----+-----+------+-----+-----+------+-------+
|EMEA |120.8|108.4| 11|293.0|264.9| 11| 735.0|
+------------+-----+-----+------+-----+-----+------+-------+
|Asia Pacific| 43.5| 37.8| 15| 85.6| 72.8| 18| 177.9|
+------------+-----+-----+------+-----+-----+------+-------+
|Total |317.5|284.7| 12|690.1|640.0| 8|1,533.4|
+------------+-----+-----+------+-----+-----+------+-------+
CONSOLIDATED CASH FLOW STATEMENT
+------------------------------+----+--------+--------+--------+--------+------+
| |Note|4-6/2010|4-6/2009|1-6/2010|1-6/2009| 2009|
+------------------------------+----+--------+--------+--------+--------+------+
|EBIT | | -16.9| -29.4| -7.4| -36.3| 43.8|
+------------------------------+----+--------+--------+--------+--------+------+
|Adjustments to cash flow from | | | | | | |
| | | | | | | |
|operating activities and | | | | | | |
|depreciation | | 9.4| 8.4| 18.4| 16.8| 34.6|
+------------------------------+----+--------+--------+--------+--------+------+
|Change in working capital | | 3.1| 26.1| 86.4| 108.0| 136.7|
+------------------------------+----+--------+--------+--------+--------+------+
|Cash flow from operating | | | | | | |
|activities | | | | | | |
| | | | | | | |
|before financing items and | | | | | | |
|taxes | | -4.4| 5.1| 97.4| 88.5| 215.1|
+------------------------------+----+--------+--------+--------+--------+------+
| | | | | | | |
|Interest paid and received | | -6.9| -7.3| -7.5| -16.8| -20.9|
+------------------------------+----+--------+--------+--------+--------+------+
|Income taxes paid and received| | 6.8| -3.2| 4.3| -13.0| -12.6|
+------------------------------+----+--------+--------+--------+--------+------+
|Net cash flow from operating | | | | | | |
|activities | | -4.5| -5.4| 94.2| 58.7| 181.6|
+------------------------------+----+--------+--------+--------+--------+------+
+------------------------------+----+--------+--------+--------+--------+------+
|Acquired operations | | -| -| -| -1.2| -3.0|
+------------------------------+----+--------+--------+--------+--------+------+
|Capital expenditure on | | | | | | |
|non-current | | | | | | |
| | | | | | | |
|tangible and intangible assets| | -6.4| -6.4| -11.5| -15.1| -39.5|
+------------------------------+----+--------+--------+--------+--------+------+
|Proceeds from sale of tangible| | | | | | |
|non- | | | | | | |
| | | | | | | |
|current assets | | 0.9| 0.4| 1.2| 0.7| 1.4|
+------------------------------+----+--------+--------+--------+--------+------+
|Net cash flow from investing | | | | | | |
|activities | | -5.5| -6.0| -10.3| -15.6| -41.1|
+------------------------------+----+--------+--------+--------+--------+------+
+------------------------------+----+--------+--------+--------+--------+------+
|Share issue, net | | -| -| -| -| 151.5|
+------------------------------+----+--------+--------+--------+--------+------+
|Dividends paid | 5| -| -| -19.5| -11.8| -11.8|
+------------------------------+----+--------+--------+--------+--------+------+
|Hybrid bond | 3| -| -| -7.2| 60.0| 60.0|
+------------------------------+----+--------+--------+--------+--------+------+
|Change in debt and other | | | | | | |
|financing | | | | | | |
| | | | | | | |
|items | | 143.1| -19.0| 3.4| -139.3|-290.9|
+------------------------------+----+--------+--------+--------+--------+------+
|Net cash flow from financing | | | | | | |
|activities | | 143.1| -19.0| -23.3| -91.1| -91.2|
+------------------------------+----+--------+--------+--------+--------+------+
+------------------------------+----+--------+--------+--------+--------+------+
|Cash and cash equivalents on | | | | | | |
| | | | | | | |
|January 1/April 1 | | 50.7| 54.4| 121.6| 72.1| 72.1|
+------------------------------+----+--------+--------+--------+--------+------+
|Translation differences | | 2.1| -0.2| 3.7| -0.3| 0.2|
+------------------------------+----+--------+--------+--------+--------+------+
|Change in cash and cash | | | | | | |
|equivalents | | 133.1| -30.4| 60.6| -48.0| 49.3|
+------------------------------+----+--------+--------+--------+--------+------+
|Cash and cash equivalents on | | | | | | |
| | | | | | | |
|June 30/December 31 | | 185.9| 23.8| 185.9| 23.8| 121.6|
+------------------------------+----+--------+--------+--------+--------+------+
CONSOLIDATED BALANCE SHEET
+------------------------------------------+----+--------+--------+--------+
| | | June| June|December|
| |Note| | | |
| | |30, 2010|30, 2009|31, 2009|
+------------------------------------------+----+--------+--------+--------+
|Assets | | | | |
+------------------------------------------+----+--------+--------+--------+
|Goodwill | | 302.5| 277.0| 273.6|
+------------------------------------------+----+--------+--------+--------+
|Other intangible non-current assets | | 213.1| 207.8| 210.1|
+------------------------------------------+----+--------+--------+--------+
|Tangible non-current assets | | 139.9| 131.0| 135.0|
+------------------------------------------+----+--------+--------+--------+
|Other non-current assets | | 72.6| 62.6| 74.3|
+------------------------------------------+----+--------+--------+--------+
|Inventories and work in progress | | 328.7| 351.5| 234.6|
+------------------------------------------+----+--------+--------+--------+
|Receivables | | 371.7| 338.0| 475.4|
+------------------------------------------+----+--------+--------+--------+
|Cash and cash equivalents | | 185.9| 23.8| 121.6|
+------------------------------------------+----+--------+--------+--------+
|Total assets | 2| 1,614.4| 1,391.7| 1,524.6|
+------------------------------------------+----+--------+--------+--------+
+------------------------------------------+----+--------+--------+--------+
|Shareholders' equity and liabilities | | | | |
+------------------------------------------+----+--------+--------+--------+
|Shareholders' equity | 3| 746.4| 519.0| 735.3|
+------------------------------------------+----+--------+--------+--------+
|Long-term interest-bearing liabilities | | 317.2| 412.6| 282.8|
+------------------------------------------+----+--------+--------+--------+
|Other long-term liabilities | | 18.6| 13.9| 14.4|
+------------------------------------------+----+--------+--------+--------+
|Current interest-bearing liabilities | | 122.9| 144.0| 121.3|
+------------------------------------------+----+--------+--------+--------+
|Other current liabilities | | 379.9| 271.4| 340.0|
+------------------------------------------+----+--------+--------+--------+
|Provisions | | 29.4| 30.8| 30.8|
+------------------------------------------+----+--------+--------+--------+
|Total shareholders' equity and liabilities| | 1,614.4| 1,391.7| 1,524.6|
+------------------------------------------+----+--------+--------+--------+
+------------------------------------------+----+--------+--------+--------+
|Equity ratio, % | | 46.2| 37.3| 48.2|
+------------------------------------------+----+--------+--------+--------+
|Gearing, % | | 34| 103| 38|
+------------------------------------------+----+--------+--------+--------+
|EUR 1.00 = USD | | 1.23| 1.41| 1.44|
+------------------------------------------+----+--------+--------+--------+
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
+------------+----+-----+----+----+------+------+--------+------+------+-----+
| | | | | | | Fair| Inves-| | | |
| | | | | | | | | | | |
| | | | |Fund|Trans-| value| ted| | | |
| | | | | | | | | | | |
| | | Sh-|Pre-| for|lation| and| unre-| |Retai-| |
| | | | | | | | | | | |
| | | are| mi-| own|diffe-| other|stricted| | ned| |
| | | | | | | | | | | |
| | |capi-| um|sha-| ren-|reser-| equity|Hybrid| ear-| |
| | | | | | | | | | | |
| |Note| tal|fund| res| ces| ves| reserve| bond| nings|Total|
+------------+----+-----+----+----+------+------+--------+------+------+-----+
|Balance at | | | | | | | | | | |
| | | | | | | | | | | |
|Jan. 1, | | | | | | | | | | |
| | | | | | | | | | | |
|2009 | |292.2|12.1|-5.7| -62.5| -6.2| -| -| 275.6|505.5|
+------------+----+-----+----+----+------+------+--------+------+------+-----+
|Other | | | | | | | | | | |
| | | | | | | | | | | |
|compre- | | | | | | | | | | |
| | | | | | | | | | | |
|hensive | | | | | | | | | | |
| | | | | | | | | | | |
|income: | | | | | | | | | | |
+------------+----+-----+----+----+------+------+--------+------+------+-----+
|Translation | | | | | | | | | | |
| | | | | | | | | | | |
|differences | | | | | -0.5| | | | | -0.5|
+------------+----+-----+----+----+------+------+--------+------+-
Unternehmensinformation / Kurzprofil:
Datum: 05.08.2010 - 12:01 Uhr
Sprache: Deutsch
News-ID 38780
Anzahl Zeichen: 0
contact information:
Town:
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Kategorie:
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Diese Pressemitteilung wurde bisher 125 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Amer Sports Corporation Interim Report January-June 2010"
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